Hormel Foods Chairman, President and CEO James P. Snee to Retire at End of Fiscal Year
Hormel Foods (NYSE: HRL) announced that Chairman, President and CEO James P. Snee will retire at the end of fiscal 2025 after 36 years with the company. A search committee has been formed to identify his successor, considering both internal and external candidates. After the succession, Snee will serve as a strategic advisor to the Board through fiscal 2025 and 18 months thereafter.
During Snee's eight-year tenure as CEO, the company expanded its protein-centric portfolio through key acquisitions including PLANTERS®, FONTANINI®, and CERATTI®. He led significant organizational changes including a new operating model and the Transform & Modernize growth initiative. Under his leadership, Hormel Foods maintained its dividend growth legacy, announcing its 59th consecutive annual dividend increase in November 2024.
The company's fiscal 2025 performance outlook remains unchanged.
Hormel Foods (NYSE: HRL) ha annunciato che il presidente, amministratore delegato e CEO James P. Snee si ritirerà alla fine dell'esercizio fiscale 2025 dopo 36 anni con l'azienda. È stato costituito un comitato di ricerca per identificare il suo successore, considerando sia candidati interni che esterni. Dopo la successione, Snee fungerà da consulente strategico per il Consiglio fino alla fine dell'esercizio fiscale 2025 e per 18 mesi successivi.
Durante gli otto anni di Snee come CEO, l'azienda ha ampliato il suo portafoglio incentrato sulle proteine attraverso acquisizioni chiave, tra cui PLANTERS®, FONTANINI® e CERATTI®. Ha guidato cambiamenti organizzativi significativi, tra cui un nuovo modello operativo e l'iniziativa di crescita Trasformare & Modernizzare. Sotto la sua guida, Hormel Foods ha mantenuto la sua eredità di crescita dei dividendi, annunciando il 59° aumento annuale consecutivo del dividendo nel novembre 2024.
Le previsioni di performance per l'esercizio fiscale 2025 dell'azienda rimangono invariate.
Hormel Foods (NYSE: HRL) anunció que el presidente, director ejecutivo y CEO James P. Snee se retirará al final del ejercicio fiscal 2025, después de 36 años en la empresa. Se ha formado un comité de búsqueda para identificar a su sucesor, considerando tanto candidatos internos como externos. Después de la sucesión, Snee servirá como asesor estratégico para la Junta Directiva hasta el final del ejercicio fiscal 2025 y durante 18 meses más.
Durante los ocho años de Snee como CEO, la empresa expandió su portafolio centrado en proteínas a través de adquisiciones clave, incluidas PLANTERS®, FONTANINI® y CERATTI®. Lideró cambios organizativos significativos, incluida una nueva modelo operativo y la iniciativa de crecimiento Transformar & Modernizar. Bajo su liderazgo, Hormel Foods mantuvo su legado de crecimiento de dividendos, anunciando su 59ª aumento anual consecutivo del dividendo en noviembre de 2024.
Las perspectivas de rendimiento para el ejercicio fiscal 2025 de la empresa se mantienen sin cambios.
Hormel Foods (NYSE: HRL)는 회장, 사장 및 CEO인 James P. Snee가 회사에서 36년 근무한 뒤 2025 회계연도 말에 은퇴할 것이라고 발표했습니다. 후임자를 찾기 위한 검색위원회가 구성되어 내부 및 외부 후보자 모두를 고려하고 있습니다. 후임 이후 Snee는 2025 회계연도 말까지, 그리고 그 이후 18개월 동안 이사회에 전략적 자문 역할을 맡게 됩니다.
Snee가 CEO로 재직한 8년 동안 이 회사는 PLANTERS®, FONTANINI®, CERATTI® 등의 주요 인수를 통해 단백질 중심 포트폴리오를 확대했습니다. 그는 새로운 운영 모델과 성장 이니셔티브인 Transform & Modernize를 포함한 중요한 조직 변화들을 이끌었습니다. 그의 리더십 아래 Hormel Foods는 배당금 증가의 유산을 유지하며, 2024년 11월에 59회 연속 배당금 인상을 발표했습니다.
회사의 2025 회계연도 성과 전망은 변함없이 유지됩니다.
Hormel Foods (NYSE: HRL) a annoncé que le président, directeur général et CEO James P. Snee prendra sa retraite à la fin de l'exercice fiscal 2025 après 36 ans au sein de l'entreprise. Un comité de recherche a été formé pour identifier son successeur, en prenant en compte à la fois des candidats internes et externes. Après la succession, Snee servira comme conseiller stratégique auprès du Conseil jusqu'à la fin de l'exercice fiscal 2025 et pendant 18 mois par la suite.
Au cours des huit années de Snee en tant que CEO, l'entreprise a élargi son portefeuille centré sur les protéines grâce à des acquisitions clés, notamment PLANTERS®, FONTANINI® et CERATTI®. Il a dirigé des changements organisationnels significatifs, notamment un nouveau modèle opérationnel et l'initiative de croissance Transform & Moderniser. Sous sa direction, Hormel Foods a maintenu son héritage de croissance des dividendes, annonçant sa 59e augmentation annuelle consécutive de dividendes en novembre 2024.
Les perspectives de performance de l'entreprise pour l'exercice fiscal 2025 restent inchangées.
Hormel Foods (NYSE: HRL) hat angekündigt, dass der Vorstandsvorsitzende, Präsident und CEO James P. Snee am Ende des Geschäftsjahres 2025 nach 36 Jahren im Unternehmen in den Ruhestand gehen wird. Ein Suchkomitee wurde gebildet, um seinen Nachfolger zu identifizieren, wobei sowohl interne als auch externe Kandidaten berücksichtigt werden. Nach der Nachfolge wird Snee als strategischer Berater des Vorstands bis zum Ende des Geschäftsjahres 2025 und weitere 18 Monate danach tätig sein.
Während Snees achtjähriger Amtszeit als CEO erweiterte das Unternehmen sein proteinorientiertes Portfolio durch wichtige Akquisitionen, darunter PLANTERS®, FONTANINI® und CERATTI®. Er führte bedeutende organisatorische Veränderungen ein, darunter ein neues Betriebsmodell und die Wachstumsinitiative Transform & Modernize. Unter seiner Führung hielt Hormel Foods sein Erbe des Dividendenwachstums aufrecht und kündigte im November 2024 die 59. aufeinanderfolgende jährliche Dividendenerhöhung an.
Die Leistungsausblicke des Unternehmens für das Geschäftsjahr 2025 bleiben unverändert.
- Maintained 59 consecutive years of dividend increases
- Strategic acquisitions expanded protein-centric portfolio
- Implementation of Transform & Modernize growth initiative
- Structured CEO succession plan in place
- None.
Insights
The announced retirement of CEO James Snee represents a pivotal transition moment for Hormel Foods. Under his eight-year leadership, the company executed several strategic acquisitions that significantly expanded its protein-centric portfolio, notably the PLANTERS® acquisition which marked Hormel's largest deal at
The transformation initiatives implemented under Snee's tenure, particularly the operating model reorganization and the Transform & Modernize growth program, have positioned Hormel for enhanced market competitiveness. The 59-year streak of dividend increases, extending through Snee's leadership, demonstrates robust financial management and shareholder value creation. The 18-month advisory period post-retirement indicates a well-planned succession strategy designed to maintain operational continuity.
From a market perspective, CEO transitions at Fortune 500 companies typically introduce short-term volatility in stock performance. However, several factors mitigate potential market concerns: the extended notice period, structured transition plan and maintained fiscal guidance. The board's comprehensive approach to succession, considering both internal and external candidates, aligns with best governance practices.
Hormel's market position remains solid with a
The Board has formed a search committee and will benefit from its existing CEO-succession process to identify Snee's successor. Internal and external candidates are being considered. Snee has agreed that once his successor is named, he will serve as a strategic advisor to the Board through the end of fiscal year 2025 and for 18 months thereafter.
Bill Newlands, the Board's independent lead director, said, "On behalf of the entire board of directors, we extend our gratitude to Jim for his dedication to Hormel Foods, its stockholders, its employees and its communities. We congratulate him on an impactful career and look forward to working with him in the months ahead to execute an effective transition and deliver on our business imperatives."
Snee said, "As CEO of Hormel Foods for the last eight years, I have been blessed to work alongside the most talented and committed team in the industry. I am proud of the impactful, innovative and transformational work we have accomplished during my tenure, which has been a period of rapid and significant change. My heartfelt gratitude goes to the leaders who came before me and to all the dedicated colleagues I've worked with during my 36-year career. As we begin this transition, I'm confident in the bright future that lies ahead for Hormel Foods."
Under Snee's leadership, the company grew its roster of protein-centric brands with acquisitions in its Retail, Foodservice and International segments: the PLANTERS® snacking portfolio, the FONTANINI® branded foodservice business and the
Snee continues to be a candidate for election to the Board at its 2025 Annual Meeting of Stockholders, which is scheduled for January 28, 2025. If elected, Snee is expected to serve as a director until a successor assumes his executive roles.
The company's fiscal 2025 performance outlook remains unchanged.
About Hormel Foods — Inspired People. Inspired Food.™
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SOURCE Hormel Foods Corporation
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